Valley's single-family rent growth is highest in the nation, but is starting to cool

For rent sign in front of gray and white home
Posted at 9:24 AM, Aug 19, 2020
and last updated 2020-08-19 12:24:10-04

While the Valley's single-family rent price growth has been on fire this year and bucked all national trends, effects from the coronavirus pandemic have finally cooled that ascent.

Meanwhile, national single-family rent price growth continued to decelerate in June, reaching its slowest growth rate since May 2010, according to CoreLogic Inc.

For the 19th consecutive month, Phoenix had the highest nationwide year-over-year increase in single-family rents in June of this year, at 5%, according to the CoreLogic Single-Family Rent Index, which analyzes single-family rent price changes across more than 80 metro areas.

But rent growth in metro Phoenix has slowed compared to its average growth rate of 6.5% in the first quarter, said Molly Boesel, CoreLogic's principal economist.

Read more from the Phoenix Business Journal.